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Jul 17, 2011
07/11
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republicans were the ones who got with raising the debt ceiling to deep cuts. they were the ones who created the fiction and sold it to their supporters that somehow the two were tied together raising the debt ceiling with increased spending. in fact, there were no new authorizations in appeared faced with the prospect, mcconnell has no means to default. he wants to back away from it. but as he stepped up and say they want to share the sacrifice? he takes his party off the hook, allows his party to vote against raising the debt limit, shift responsibility to the president and to the democrats to sustain the president's actions. i do not see anything bold or courageous there. i see something very craven. >> 60% feel any agreement to raise the debt ceiling should include tax hikes on the wealthy and corporations. the american people are not quite where -- >> you can use anyone you want, but there is a gallup that shows that if you ask americans if they want to solve the debt problem with taxes or spending, those who say -- or exclusively taxes, 10%, mail/exclusiv
republicans were the ones who got with raising the debt ceiling to deep cuts. they were the ones who created the fiction and sold it to their supporters that somehow the two were tied together raising the debt ceiling with increased spending. in fact, there were no new authorizations in appeared faced with the prospect, mcconnell has no means to default. he wants to back away from it. but as he stepped up and say they want to share the sacrifice? he takes his party off the hook, allows his...
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Mar 9, 2013
03/13
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for example speaker boehner also reiterated his condition that before he raised the debt ceiling he has to have equal spending cuts. does he mean that? >> i think he does. one of the things that republicans give themselves wiggle room is cuts are reform. when you talk about reform, one of the things that republicans have pointed to is raise the medicare age. they consider that a reform that's not necessarily a spending cut. gwen: let's talk about this flexibility issue because one of the reasons why they're able to get this bill through the house is they carved down a little room for the pentagon, a little room for the department of veteran affairs so they cannot take as deep a cut as they propose this across the board sequester which they want to make perm nenlt. the senate -- they want to make nerm -- permanent. the senate keeps talking about that. >> there is a little bit more bipartisan in the senate. it sends to be more of a creature of the senate to be trying to have a flexibility of the senate. so much flexibility has been put towards the military spendsing. we should give others
for example speaker boehner also reiterated his condition that before he raised the debt ceiling he has to have equal spending cuts. does he mean that? >> i think he does. one of the things that republicans give themselves wiggle room is cuts are reform. when you talk about reform, one of the things that republicans have pointed to is raise the medicare age. they consider that a reform that's not necessarily a spending cut. gwen: let's talk about this flexibility issue because one of the...
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May 16, 2023
05/23
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there are still a few sticking points here, such as how long they should raise the debt ceiling for, what spending cuts they should make, and when they come to an agreement, it will probably take a week for it to get through congress. and of course, as you were saying earlier, time is ticking. >> we are likely to hear more about that quite soon. thank you so much for bringing the latest on that. that's look at ukraine now. it's supreme court has dismissed its top judge. he was arrested earlier as part of a corruption inquiry for taking multi-million-dollar bribes allegedly. ukraine is under pressure to tackle corruption, as a requirement for joining the european union. meanwhile, when it comes to th war, ukrainian officials praised their antimissile defense system. overnight, it blocked an intern's barrage of russian rockets over kyiv. they say the system shutdown six advanced russian hypersonic missiles, which president putin has claimed are unstoppable. take a look. this is showing kyiv's air defenses in action. art explosions were heard and three people were injured by the debris.
there are still a few sticking points here, such as how long they should raise the debt ceiling for, what spending cuts they should make, and when they come to an agreement, it will probably take a week for it to get through congress. and of course, as you were saying earlier, time is ticking. >> we are likely to hear more about that quite soon. thank you so much for bringing the latest on that. that's look at ukraine now. it's supreme court has dismissed its top judge. he was arrested...
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Jul 30, 2011
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when this debate started, the president said, i want a debt ceiling increase with no strings attached. that's gone. he introduced a budget that went before the senate and lost 97-0. he abandoned it with a speech in april. house republicans said we want spending cuts and long-term deficit reduction and then they didn't want tax revenue. that went back and forth, decided no revenue for the time being, up to $2.7 trillion. i submit, these are significant gains in a political conversation initiated by republicans to force a big conversation about a big issue. gwen: they forced a big conversation. >> at some point you have to say to yourself -- i'm saying, any party, what are our goals, what did we achieve and how do we consolidate them. >> the republicans should feel really good right now because the bill that boehner put through was improved in a way to collect even more conservative votes and so it's much more -- gwen: you're saying the democratic base should be more unhappy if they're paying attention to what's on the table now. >> exactly and i think the democratic base won't be happy
when this debate started, the president said, i want a debt ceiling increase with no strings attached. that's gone. he introduced a budget that went before the senate and lost 97-0. he abandoned it with a speech in april. house republicans said we want spending cuts and long-term deficit reduction and then they didn't want tax revenue. that went back and forth, decided no revenue for the time being, up to $2.7 trillion. i submit, these are significant gains in a political conversation initiated...
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Jan 27, 2013
01/13
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what we are facing is not simply the debt ceiling. what we are facing is the sequestration, the automatic cuts of a trillion dollars over 10 years, which many republicans are seeing a willingness, expressing willingness to let set in at the end of march, and that will mean another fight and struggle. >> all this will unfold in probably six months. i think he is in a good position to fight for the next six months. >> there was an interesting and little noticed thing this week. economic members in britain came out, where they have had a very tough austerity program. now they are possibly entering into a triple dip recession. it is an example, perhaps, of too much austerity. france may be an example of too much non-austerity. but if we go through sequester, people will see what those cuts mean. i think there would be a rebellion over it. >> you could hardly accuse the united states of indulging too much in austerity. we have added $5 trillion in debt. >> i am not saying that. i am saying that what we have at this moment is a decision of
what we are facing is not simply the debt ceiling. what we are facing is the sequestration, the automatic cuts of a trillion dollars over 10 years, which many republicans are seeing a willingness, expressing willingness to let set in at the end of march, and that will mean another fight and struggle. >> all this will unfold in probably six months. i think he is in a good position to fight for the next six months. >> there was an interesting and little noticed thing this week....
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Jan 8, 2013
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and instead it seems like the way it's playing out is the original debt ceiling fight, we got a bunch of cuts with no revenue. now, in this one we got a bunch of revenue with no cuts. now we'll come into the third round. after a year and a half of negotiating we may have a grand bare gain, it's just not a grand bargain that they actually struck all at once at the same able to. >> rose: so where do they move to now. the debt ceiling extension is, what, a month or so off. david, help me on this. is that what they have to address first or is this something else that must be addressed before you get to the debt ceiling extension question? >> the debt ceiling is likely to come first. the funny thing is at this point to some extent there aren't any external deadlines they absolutely have to meet. these are all created by washington. historically the debt ceiling was not an occasion for a big policy change. it became one in 2011, the republicans successfully made that happen. but they could easily extend the debt kreiling the way washington has in the past. in some ways the bigger thing is t
and instead it seems like the way it's playing out is the original debt ceiling fight, we got a bunch of cuts with no revenue. now, in this one we got a bunch of revenue with no cuts. now we'll come into the third round. after a year and a half of negotiating we may have a grand bare gain, it's just not a grand bargain that they actually struck all at once at the same able to. >> rose: so where do they move to now. the debt ceiling extension is, what, a month or so off. david, help me on...
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May 13, 2023
05/23
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debt ceiling in effect was the legislative vehicle they were using, the train they were putting the budget talks on. nonetheless, he was willing to negotiate while the debt ceiling increase was pending and joe biden was at the forefront of the prices -- process. there was a dominant effort through the spring of 2011 and when that hit a dead end, they began backdoor negotiations over a much more ambitious package than we are talking about today, as some of you remember. there were a lot of people in washington talking about a grand bargain to reduce the deficit and they got to the five yard line and then it fell apart and they were forced at the last minute to scramble together to put together a package largely between biden and mitch mcconnell to avoid default. obama and his team came out of that experience and said never again. they were never going to negotiate the budget with the threat of default over their head. to the point, where in 2013, when republicans tried -- harry reid, the senate majority reader -- majority leader, insisted obama keep ayden out of the talks because he
debt ceiling in effect was the legislative vehicle they were using, the train they were putting the budget talks on. nonetheless, he was willing to negotiate while the debt ceiling increase was pending and joe biden was at the forefront of the prices -- process. there was a dominant effort through the spring of 2011 and when that hit a dead end, they began backdoor negotiations over a much more ambitious package than we are talking about today, as some of you remember. there were a lot of...
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Jul 29, 2011
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the debt ceiling on another track. the republicans say no the two need to remain combined. >> woodruff: i know what you're going to be doing this weekend what you were doing last weekend. >> exactly. >> woodruff: david chalian, thank you. >> lehrer: still to come on the "newshour": the famine in the horn of africa; mark shields and michael gerson and a president's secret operation for cancer. but first, the other news of the day. here's hari sreenivasan. >> sreenivasan: new economic data released today showed u.s. growth is slowing considerably. the commerce department reported the economy expanded at a rate of 1.3% in the second quarter far below expectations. and first quarter growth numbers were revised sharply downward. the latest figures reveal the u.s. economy is still smaller than it was when the recession officially began in 2007. that news combined with the debt ceiling debate in washington dragged stocks on wall street down. the dow jones industrial average lost nearly 97 points to close at 12,143. the nasdaq
the debt ceiling on another track. the republicans say no the two need to remain combined. >> woodruff: i know what you're going to be doing this weekend what you were doing last weekend. >> exactly. >> woodruff: david chalian, thank you. >> lehrer: still to come on the "newshour": the famine in the horn of africa; mark shields and michael gerson and a president's secret operation for cancer. but first, the other news of the day. here's hari sreenivasan....
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May 2, 2023
05/23
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ceiling. they do not want to risk default but their base is fired up about what they see as a title wave of rhetoric and a do or die moment to try to get spending cut. amna: there have been debt limit standoffs before. how are the past experiences driving the white house approach today? >> it is the foundation of their approach because the president was a key player. since president biden took office he has had the same line. no negotiation over the debt limit increases tied to spending cuts. in 2011, president obama started off negotiating with speaker john boehner about spending cuts and tax increases and they could not agree and ultimately the people who hammered it out was vice president biden and mcconnell in the senate and ultimately they came away with very different lessons. mcconnell said then his lesson was you could use the debt limit aha hgeostad take it as something the republicans could do again. biden and obama walked away saying we can never negotiate again over a increases to
ceiling. they do not want to risk default but their base is fired up about what they see as a title wave of rhetoric and a do or die moment to try to get spending cut. amna: there have been debt limit standoffs before. how are the past experiences driving the white house approach today? >> it is the foundation of their approach because the president was a key player. since president biden took office he has had the same line. no negotiation over the debt limit increases tied to spending...
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Feb 13, 2013
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concerned in this country. >> narrator: and cantor had that debt ceiling threat. if the president wouldn't cut spending, he and the new republicans would force the issue. >> we all saw the debt ceiling as the best lever we had to make some changes, to deal with the spending problem, to deal with the big government problem. >> if the government were to fail to raise the debt ceiling, you would see an immediate panic in the market... >> white house showdown with house republicans... >> narrator: at the white house, treasury secretary timothy geithner knew just how serious cantor's threat was. >> geithner says, "we could trigger a depression worse than the 1930s. it will be indelible. it will be... it will last for generations." tim geithner is one scared secretary of the treasury. >> when secretary geithner and the rest of us spoke to the president, we were very clear. a default would be unprecedented in our country. it would absolutely lead to a serious downgrading of our credit rating. >> narrator: geithner said they had only weeks to act before the country ran ou
concerned in this country. >> narrator: and cantor had that debt ceiling threat. if the president wouldn't cut spending, he and the new republicans would force the issue. >> we all saw the debt ceiling as the best lever we had to make some changes, to deal with the spending problem, to deal with the big government problem. >> if the government were to fail to raise the debt ceiling, you would see an immediate panic in the market... >> white house showdown with house...
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Jan 5, 2023
01/23
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he also worked on the debt ceiling with him. but, again, we still are talking about mitch mcconnell and the fact that mcconnell is well-known among democts, as you noted, for someone who blocked a number of former president obama's judges, blocked merrick garland in the supreme court. mcconnell also prides himself and has described himself explicitly as the grim reaper, someone who will obstruct the democratic agenda. but when we're talking about government funding bills, and showing that the government can work to get must-pass legislation through the chamber, that's when president biden could potentially find a greater ally in senator mcconnell. and one thing th where, looking forward, they could potentially find potential to work across the aisle is on immigration. and so that's something that the white house has already said -- called on republicans to work with them on, especially since republicans are trying to pressure the president on the border. and president biden said today as he was leaving kentucky that he has the i
he also worked on the debt ceiling with him. but, again, we still are talking about mitch mcconnell and the fact that mcconnell is well-known among democts, as you noted, for someone who blocked a number of former president obama's judges, blocked merrick garland in the supreme court. mcconnell also prides himself and has described himself explicitly as the grim reaper, someone who will obstruct the democratic agenda. but when we're talking about government funding bills, and showing that the...
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debt ceiling for three months. that's far less than republican leaders had wanted. the deal combines the extension with hurricane harvey relief money. it came as the death toll from harvey rose to at least 70. we'll have a full report, after the news summary. 15 states and the district of columbia filed suit today over the president's decision to end the daca program. it shields thousands of young, undocumented immigrants from deportation. the states argue the decision violates due process and is racially motivated. washington state's democratic governor jay inslee went further, at a news conference in seattle: >> it is a dark pall of cruelty and inhumanity which has covered this land as a result of this president's willful, malicious bigotry, which has attempted to stifle the dreams of some of the strongest, most ambitious, most vibrant, most brilliant people in our blessed community. >> sreenivasan: mr. trump said today he has no second thoughts about dismantling daca. he also predicted democrats and republicans
debt ceiling for three months. that's far less than republican leaders had wanted. the deal combines the extension with hurricane harvey relief money. it came as the death toll from harvey rose to at least 70. we'll have a full report, after the news summary. 15 states and the district of columbia filed suit today over the president's decision to end the daca program. it shields thousands of young, undocumented immigrants from deportation. the states argue the decision violates due process and...
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Feb 7, 2018
02/18
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this bill would raise the debt ceiling another year until 2019. that's incredibly significant. and it wouldlso form new budget supercommit. that's a word we haven't heard in a while, when the last supercommittee did not complete its mission.er the ideais to try to reform the entire budget process. bi's a noing committee, but there are ways in which whatever they come up with could get vote. i think the big point, john, here, is information haven't really seen this bill they're still working on a summary on the senate side. and we expect a vote potentially within hours, maybe tomorrow morning, on the senate side. it's quite a lot that's in here. >> we've got about 30on sec left, lisa. explain to us the significance of pulling off those budget caps r two years, which is what the senate deal would do. redibly significant i ran the math on this, john, and, essentially, based on current law, this we a double-digit, over 10% increase in government spnding, and expansion of the u.s. military, and, also, an expansion of much of the rest of government. it would protect the arts, science
this bill would raise the debt ceiling another year until 2019. that's incredibly significant. and it wouldlso form new budget supercommit. that's a word we haven't heard in a while, when the last supercommittee did not complete its mission.er the ideais to try to reform the entire budget process. bi's a noing committee, but there are ways in which whatever they come up with could get vote. i think the big point, john, here, is information haven't really seen this bill they're still working on...
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Dec 1, 2012
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and gave away-- first the negotiations on the debt ceiling. the same thing, he was negotiating with medicare cuts right at the outset. and people say wait a minute, so here he comes in, he shows a little spine, a little steel, and this is what i said i was going to do, in the waive increases. they say wait, what about these medicare cuts. 9 only people that brought up medicare cuts were the republican was talked about obama was going to cut $716 billion so now we're in a situation where nobody wants his or her fingerprints on the medicare cuts. >> uh-huh. >> okay. the medicare cuts, i can assure you, and this is going to upset a lot of people, will appear in the negotiations. they will be-- paternity will be denied but they will miraculously appear. and i think we've got to outline what will go ahead with the deal. >> who is playing what hand, who is playing from strength here at this point. >> on this the president has the strength. no he request. first he won the election. second the polling shows that people are more likely to blame the rep
and gave away-- first the negotiations on the debt ceiling. the same thing, he was negotiating with medicare cuts right at the outset. and people say wait a minute, so here he comes in, he shows a little spine, a little steel, and this is what i said i was going to do, in the waive increases. they say wait, what about these medicare cuts. 9 only people that brought up medicare cuts were the republican was talked about obama was going to cut $716 billion so now we're in a situation where nobody...
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May 30, 2023
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. >> their bipartisan compromise suspends the debt ceiling until january 2025, beyond the next presidential election. it also imposes modest federal spending cuts over the next two years. eases permitting for energy projects, and increases work requirements for food stamp recipients. president biden and the speaker are facing pushback from republicans and democrats a like as they sell their plan. many have criticized the provisions like work requirements. >> i think it is right for democrats to get this deal done bere aggressive to say no, this entire process where the american economy can be held for ransom, that is a no go. >> some republicans like chip roy of texas say the bipartisan package does not denough to cut spending. >> not run or republican should vote for this deal. it is a bad deal. no one sent us here. to borrow an additional $4 trillion to get absolutely nothing in return. at best, if i am being generous, a spending freeze for a couple of years. >> he is a member of the house rules committee which president the first major test for the deal this afternoon as it debated the 9
. >> their bipartisan compromise suspends the debt ceiling until january 2025, beyond the next presidential election. it also imposes modest federal spending cuts over the next two years. eases permitting for energy projects, and increases work requirements for food stamp recipients. president biden and the speaker are facing pushback from republicans and democrats a like as they sell their plan. many have criticized the provisions like work requirements. >> i think it is right for...
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ceiling on a short-term c.r. michael, what do you make of all this? >> it's a massive shift. not long ago they were talking about putting a wall on the debt relief. so it's a huge change. i think that, you know, the art of the deal is easy when you surrender. that book wouldn't sell very well, but it's true, and he signaled surrender not just on this issue but somewhat on daca and somewhat on the whole issue of debt -- the debt ceiling, trying to get that out of american politics. so it was a fire storm for republicans. they're wondering, is this the new world. >> yang: mark? i'm not sure it's the new world, but i am sure, if i were mitch mcconnell, i would be seething with anger, the republican senate leader, because what donald trump did to him and paul ryan the speaker is cut them off at the knees, they had to go back to their respective caucuses and tell them know, they weren't going to tathe position they endorsed and told them they were going to take on the debt ceiling and continuing spending resolution, b
ceiling on a short-term c.r. michael, what do you make of all this? >> it's a massive shift. not long ago they were talking about putting a wall on the debt relief. so it's a huge change. i think that, you know, the art of the deal is easy when you surrender. that book wouldn't sell very well, but it's true, and he signaled surrender not just on this issue but somewhat on daca and somewhat on the whole issue of debt -- the debt ceiling, trying to get that out of american politics. so it...
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. >> woodruff: but again.... >> i would, however, vote against raising the national debt ceiling. >> woodruff: but again across the board no specific? >> correct. across the board. >> woodruff: and in terms of the bush era tax cuts, you've indicated you're in favor of extending those permanently. the estimate is that would cost something like, what, $4 trillion over the next ten years? how would you pay for that? >> well, in the first place i think it's important that when we ask that question we not look at it in terms of cost. this isn't money that belongs to the government. this is money that belongs to the people, the people who earn it and who are paying their taxes. we can't look at this from the perspective as we would if we were talking about a government program that we were trying to create. this is money that belongs to the american people, to the same people who earn it, the same people who are paying taxes. we have been operating our government based on those tax cuts but we've been operating at a rate that is far in excess of what we're bringing in. again, we have to lo
. >> woodruff: but again.... >> i would, however, vote against raising the national debt ceiling. >> woodruff: but again across the board no specific? >> correct. across the board. >> woodruff: and in terms of the bush era tax cuts, you've indicated you're in favor of extending those permanently. the estimate is that would cost something like, what, $4 trillion over the next ten years? how would you pay for that? >> well, in the first place i think it's...
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then you also have the flexibility of the debt ceiling because they have until february 7 for that to hit again, it's possible they could extend it further, do a short-term extension but people don't want to do that. every single lawmaker on this committee said "this is not what we want to see again." >> woodruff: and we just heard senator mcconnell say he doesn't intend to see not only a shut down of the government but a breach of the debt ceiling. so you're saying you do hear glimmers that maybe they can pull this off despite all the forces working against them? >> right. and the democrats have been talking about the fact that the deficit as we reported earlier that the deficit is coming down. it's under a trillion for the first time and you'll hear them talk a lot about that. well, we've been able to do smart budgeting, it's the fastest rate going down since the end of world war ii and the republicans are saying, well, okay, let's keep talking about and that and figure out where we can come to an agreement. >> woodruff: christina plan tony, our political editor. thank you. >> ifill
then you also have the flexibility of the debt ceiling because they have until february 7 for that to hit again, it's possible they could extend it further, do a short-term extension but people don't want to do that. every single lawmaker on this committee said "this is not what we want to see again." >> woodruff: and we just heard senator mcconnell say he doesn't intend to see not only a shut down of the government but a breach of the debt ceiling. so you're saying you do hear...
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price for raising the debt ceiling. and today, like senator mcconnell, he insisted that tax increases not be part of any deal. >> this is the moment, and this is the opportunity for america to get its fiscal house in order. i believe that raising taxes on the very people that we expect to reinvest in our economy and to hire people is the wrong idea. for those people to give that money to the government, that means it won't get reinvested in our economy at a time when we're trying to create jobs. >> reporter: amid the verbal sparring, vice president biden and a bipartisan group of house and senate lawmakers held a third round of talks on deficit reduction and there was more action at the capitol. the spending fight spilled over into a senate hearing today with top executives from the five largest oil companies. democrats on the finance committee said if republicans are serious about cutting spending, they would support ending tax breaks for the oil industry. democrats argue that doing away with the subsidies would save $
price for raising the debt ceiling. and today, like senator mcconnell, he insisted that tax increases not be part of any deal. >> this is the moment, and this is the opportunity for america to get its fiscal house in order. i believe that raising taxes on the very people that we expect to reinvest in our economy and to hire people is the wrong idea. for those people to give that money to the government, that means it won't get reinvested in our economy at a time when we're trying to...
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when you look at earlier polls, poll wes did at the time in july during the debt ceiling debate, tea party supporters wanted republicans and democrats to find some compromise and they thought the debt ceiling agreement should include both tax increases and cuts in spending whereas tea party lawmakers were saying we're not going to compromise and do anything like raise taxes, we're not even going to close tax loopholes because that might be seen as a tax increase. it's got to be done purely through cutting spending. so there was a diverge glens what people voting for tea party lawmakers wanted and what tea party lawmakers were trying to do. >> woodruff: i should mention we at the newshour talked with amy cramer at the tea party express-- one of the leaders of the movement-- among other thing she is said "part of this the due to the news media mischaracterizing what the tea party's all about. >> well, i think... i would obviously disagree with that. i think the media has give an lot of coverage to the tea party and a lot of it's been pretty fair. i think more likely what's happening is
when you look at earlier polls, poll wes did at the time in july during the debt ceiling debate, tea party supporters wanted republicans and democrats to find some compromise and they thought the debt ceiling agreement should include both tax increases and cuts in spending whereas tea party lawmakers were saying we're not going to compromise and do anything like raise taxes, we're not even going to close tax loopholes because that might be seen as a tax increase. it's got to be done purely...
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ceiling if the president agrees to negotiate spending cuts, as a way to end the shutdown. >> it's time for leadership. it's time for these negotiations and this conversation to begin. i would hope that the president would look at this as an opportunity and a good faith effort on our part to move half- way, half-way to what he's demanded, in order to have these conversations begin. >> reporter: boehner did not mention earlier demands to de- fund or delay the health care law as the price of passing a continuing resolution to fund the government. but, idaho congressman raul labrador-- a tea party republican-- suggested that issue is far from dead. >> we are actually giving him part of what he wants, which is a clean debt ceiling. we'll give him a clean debt ceiling for six weeks so he can negotiate on the issues of the debt. but when it comes to the continuing resolution, when it comes to dealing with obamacare, we're going to continue to hold our ground. >> reporter: up to now, the president has insisted he will negotiate only after house republicans reopen the government and lift the de
ceiling if the president agrees to negotiate spending cuts, as a way to end the shutdown. >> it's time for leadership. it's time for these negotiations and this conversation to begin. i would hope that the president would look at this as an opportunity and a good faith effort on our part to move half- way, half-way to what he's demanded, in order to have these conversations begin. >> reporter: boehner did not mention earlier demands to de- fund or delay the health care law as the...
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you have a debt ceiling looming in a couple months. john boehner has something called "the boehner rule" which i think will become the new fiscal cliff key word. you want $1 in deficit increase, i want $1 in spending cuts. and the president is saying i'm not going to negotiate at all. so & that strikes in two months. un, that's-- somebody's going to have to give on that, and, you know, it could get really ugly really fast. >> woodruff: neil irwin, if you're looking at this economy right now and looking at this legislation, does it have an impact on the american economy ounemployment? >> so there are some mild negatives that come from the higher taxes, especially the payroll tax holiday we talked beven higher income tax rates ray negative for growth. that said, this economy has been plugging along. what steve is talking about are some really dangerous things. we're heading into another standoff over the debt ceiling. we all remember how that worked out in august 2011. it hurt business confidence. it floated the possibility of a federal
you have a debt ceiling looming in a couple months. john boehner has something called "the boehner rule" which i think will become the new fiscal cliff key word. you want $1 in deficit increase, i want $1 in spending cuts. and the president is saying i'm not going to negotiate at all. so & that strikes in two months. un, that's-- somebody's going to have to give on that, and, you know, it could get really ugly really fast. >> woodruff: neil irwin, if you're looking at this...
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Jul 15, 2011
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the hybrid package would include mcconnell's backup plan to let the president increase the debt ceiling on his own, extending through the 2012 election. it would also add $1.5 trillion in cuts identified in bipartisan talks that were led by vice president biden. it was unclear if house republicans would agree, and at the white house, spokesman jay carney said the president still wants a bigger deal. >> whether it's senator mcconnell's provision or some variation of it, they are not the preferred outcome here. we continue to work as we did yesterday in the meeting and as the president will again today in his meeting with congressional leaders towards something more substantial and significant. >> woodruff: that meeting convened at the white house late this afternoon. for a closer look at both the economics and the politics of this stand-off, we turn to two reporters who are following events closely. david wessel, economics editor and a columnist for the "wall street journal." and lori montgomery of the "washington post." we thank you both. lori montgomery, we heard that the talks just wr
the hybrid package would include mcconnell's backup plan to let the president increase the debt ceiling on his own, extending through the 2012 election. it would also add $1.5 trillion in cuts identified in bipartisan talks that were led by vice president biden. it was unclear if house republicans would agree, and at the white house, spokesman jay carney said the president still wants a bigger deal. >> whether it's senator mcconnell's provision or some variation of it, they are not the...
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Jul 16, 2011
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. >> suarez: the president had previously insisted on extending the debt ceiling through 2012 past next year's election. but after thursday's talks, he settled for asking congressional leaders to review three options with their members. the first-- the so-called "grand bargain" that mr. obama favors-- would cut deficits by about $4 trillion dollars, including spending cuts and new tax revenues. a medium-range plan would aim to reduce the deficit by about half that amount. the smallest option would cut between $1 trillion and $1.5 trillion dollars without increased tax revenue or any medicare and medicaid cuts. but after a closed-door caucus at the capitol, house republicans sounded in no mood to pick one of those options. >> quite frankly, members of congress are getting tired of what won't do and what the president wants. >> suarez: speaker john boehner tried to leave the door open to compromise, but he complained the president and congressional democrats had offered nothing worth considering. >> i don't want to preclude any chance of coming to an agreement. but they've been unwilling
. >> suarez: the president had previously insisted on extending the debt ceiling through 2012 past next year's election. but after thursday's talks, he settled for asking congressional leaders to review three options with their members. the first-- the so-called "grand bargain" that mr. obama favors-- would cut deficits by about $4 trillion dollars, including spending cuts and new tax revenues. a medium-range plan would aim to reduce the deficit by about half that amount. the...
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senate gave up its fourth of july recess this week, to focus on raising the national debt ceiling. but there was no sign today that agreement is near on the basic divide-- over tax hikes versus spending cuts. >> we must do something, and we must do something about the real problem, spending and debt. washington, in a bipartisan way, has a spending problem. the fundamental problem isn't that we're under-taxed. >> here's what it's coming down to, in the home stretch of negotiations, our republican colleagues seem to be willing to tank the economy rather than end a single tax subsidy. democrats are committed to reducing deficit, getting our nation back on a sensible fiscal track, but we know that everyone must pay their fair share. >> reporter: at issue is how to cut the deficit by more than $2 trillion as part of any deal to increase the nation's borrowing authority. lawmakers are now less than four weeks away from the august 2nd deadline to act or risk a default on the federal debt. with time running out, the president yesterday invited a bipartisan group of house and senate leaders
senate gave up its fourth of july recess this week, to focus on raising the national debt ceiling. but there was no sign today that agreement is near on the basic divide-- over tax hikes versus spending cuts. >> we must do something, and we must do something about the real problem, spending and debt. washington, in a bipartisan way, has a spending problem. the fundamental problem isn't that we're under-taxed. >> here's what it's coming down to, in the home stretch of negotiations,...
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. >> warner: but in the debt ceiling debate, republicans insisted there by no tax increases and senate republican leader mitch mcconnell suggested that would continue. >> and to that end, our first step will be to make sure that the republicans who sit on the powerful cost-cutting committee are serious people who put the best interests of the american people and the principles that we've fought for throughout this debate, first. >> warner: arguing against another deadlock-- standard and poor's stated reasons for downgrading the government's triple-"a" credit rating last friday. the ratings agency said political brinksmanship had made america's ability to manage its finances less stable, less effective and less predictable. for more on what the makeup of the so-called super-committee tells us, we are joined by andrea seabrook, congressional correspondent for national public radio. and norman ornstein, congress- watcher and resident scholar at the american enterprise institute. >> welcome back to both of you. so norm, as we look at the makeup of this supercommittee appointed by the leade
. >> warner: but in the debt ceiling debate, republicans insisted there by no tax increases and senate republican leader mitch mcconnell suggested that would continue. >> and to that end, our first step will be to make sure that the republicans who sit on the powerful cost-cutting committee are serious people who put the best interests of the american people and the principles that we've fought for throughout this debate, first. >> warner: arguing against another deadlock--...
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Oct 14, 2013
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then you have the debt ceiling. and we've been told in this region that there is going to be another round of sequestration cuts as well. so people are very, very frustrated. they're frustrated as well with the uncertainty of it. i talked with a woman earlier today who said she really didn't know until friday whether her mortgage payment was going to clear. because the supervisors at her husband's job really weren't clear. it's because they didn't know who was going to be paid and when those payments were going to be made. i think there is a lot of frustration particularly as we look to the end of the month with retiree pays coming out. >> quickly scott to you, and then karen, scott, what about in california. people you talk to, what do they say about what they see coming out of washington? >> well, they're very frustrated. they're angry. some people in this more liberal part of california do tend to blame republicans. but even in deeply republican parts of the state there is a lot of anger. the good thing about cal
then you have the debt ceiling. and we've been told in this region that there is going to be another round of sequestration cuts as well. so people are very, very frustrated. they're frustrated as well with the uncertainty of it. i talked with a woman earlier today who said she really didn't know until friday whether her mortgage payment was going to clear. because the supervisors at her husband's job really weren't clear. it's because they didn't know who was going to be paid and when those...